With local unemployment over 10% and the long-term outlook for Martin County’s economy in jeopardy, the Stuart/Martin County Chamber of Commerce has commissioned local economic development consultant William Fruth to create an “Economic Opportunity Study” for Martin County. 

The study will focus on the future condition of the economy and what the area needs to do to secure economic prosperity for our residents.

The economic policies for the county have not worked; it is extremely distressing to see our small businesses struggle because the economy lacks diversification and high-wage jobs.

According to Fruth, the average wage in Martin County is one of the lowest in the nation.  When compared to the other 366 metropolitan areas, Martin County’s wage of $39,055 in 2009 ranked 298th.  In 1989 it ranked 197th.  In fact, the average wage in Martin County is lower than the wage in Yuma, AZ, Anniston, AL and Rocky Mount, NC metropolitan areas, all depressed economies.

Fruth said the low wage is attributed to not having a greater share of high-wage, year round employers.  “The county has few industries other than construction and retirement,” Fruth commented. “As a percentage of the workforce, the county ranks in the lower 1/3rd of the metropolitan areas for jobs in the high-wage corporate headquarters, transportation, and manufacturing sectors.”

Since construction will not return for several years, our county faces a very difficult road ahead as a result of failing to diversify the economy in the past.  We have kicked the can down the road for the last 10 – 15 year, we must now move forward.

Fruth, President of POLICOM Corporation, analyzes local and state economies throughout the United States.  From his research, he advises communities on how to improve their economies.  Over the last fifteen years, Fruth has analyzed the data for more than 700 local economies, created more than 200 community studies, and has advised communities in 37 states.

The commitment by the Chamber’s Board to commission the study follows the goals and objectives of Chamber Board Chairman Thomas Vokoun and the board to address the economic well-being of Martin County in the decades ahead.